China's BYD to set up European HQ and R&D base in Hungary

Chinese electric vehicle giant BYD will establish its European headquarters and a new research and development center in Hungary, according to the company's CEO and President, Wang Chuanfu. 

The announcement was made in Budapest at a joint press conference with Hungarian Prime Minister Viktor Orbán. 

The new base will create nearly 2,000 jobs in sectors of sales, after-sales, testing, certification, and localized vehicle development. 

The new HQ marks the fifth site for BYD in Hungary, following the bus factory in Komárom, additional facilities in Fót and Páty, and Szeged, the location of their forthcoming passenger-car manufacturing plant.

Wang said the move represents a deepening of China-Hungary cooperation and a "natural step forward" as the Shenzhen-based company scales up its European operations.

Hungary, already a key automotive manufacturing hub in Europe,hopes to strengthen its position in the EV sector. 

"Our goal is for foreign investors to bring development capacities to Hungary," said Orbán. "That is why today's meeting and agreement are of great importance."

Last year, BYD sold over 4.27 million electric vehicles globally, becoming the world's best-selling EV brand. In Europe,BYD is gaining ground quickly — selling over 11,000 vehicles in April across 14 countries, outperforming Tesla. 

Xie Hongzhou and Deng Yingheng reported from Budapest, Hungary

Cameraman: Deng Yingheng

Video: Deng Yingheng, Liang Zijian

Editor: Yuan Zixiang, James, Shen He